Common use of Payment of Benefit In The Event Participant Separates From Service Clause in Contracts

Payment of Benefit In The Event Participant Separates From Service. In the event of Participant’s Separation From Service for any reason other than following a Change in Control, then he shall receive the balance in his Deferred Compensation Account as of the date of his Separation From Service. The Deferred Compensation Account Balance shall be paid out as follows: payments shall be made monthly for a period of ten (10) years (120 months). Participant’s remaining Deferred Compensation Account Balance shall continue to be credited with interest at the Rate of Interest until all such one hundred and twenty (120) payments have been made. In addition, monthly payments shall be calculated to provide Participant with substantially equal monthly installments based on the Rate of Interest in effect when the initial payment is made, and readjusted annually to take into account any fluctuation in the Rate of Interest (as defined herein). Absent any delay imposed by Code Section 409A, (i.e. the 5 year delay for subsequent deferral elections, the 6 month delay for specified employees, etc.), payments shall commence or be made on the first day of the first month following the month in which Participant Separates From Service and shall continue thereafter for a period of one hundred and twenty (120) months.